How much is the cost of living in Cyprus?

Cyprus offers an enviable combination of climate, business and culture and holds its own as one of the smallest EU member states, (with Luxembourg and Malta being the only 2 countries in the EU with a smaller population) and an adaptable free-market economy with a positive long-term outlook despite the current challenging environment.

Cyprus offers an enviable combination of climate, business and culture and holds its own as one of the smallest EU member states, (with Luxembourg and Malta being the only 2 countries in the EU with a smaller population) and an adaptable free-market economy with a positive long-term outlook despite the current challenging environment.

If you are moving to Cyprus for business opportunities, you are thinking of registering a company here, or just planning a holiday, and are wondering about how much you will spend on day-to-day goods on average. Perhaps the tables detailing general expenses in Cyprus below can help give you an idea as to how much it will cost you to live there.

All figures have been converted into Euros and have been taken using the median from a set of data from 2014 ranging from the most expensive to the least.

Restaurants, eating out in Cyprus:

Average cost:

Meal, Inexpensive Restaurant:

10.00 €

Combo Meal at McDonalds or Similar:

6.00 €

Domestic Beer (0.5 litre draught):

3.00 €

Cappuccino (regular):

3.39 €

Water (0.33 litre bottle):

0.72 €

Supermarket, general foods:

Average cost:

Milk (1 litre):

1.38 €

Loaf of Fresh White Bread (500g):

1.39 €

Bottle of Wine (Mid-Range):

5.00 €

Pack of Cigarettes (Marlboro):

4.50 €

Transportation in Cyprus:

Average cost:

One-way Ticket (Local Transport):

1.50 €

Monthly Pass (Regular Price):

35.00 €

Taxi Start (Normal Tariff):

3.42 €

Petrol (1 litre):

1.40 €

Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car):

17,192.76 €

Utilities (Monthly bills):

Average cost:

Basic (Electricity, Heating, Water, Garbage) for 85m2 Apartment:

147.00 €

Internet (6 Mbps, Unlimited Data, Cable/ADSL):

32.78 €

Leisure and Clothing:

Average cost:

Fitness Club, Monthly Fee for 1 Adult:

53.91 €

Cinema, International Release, 1 Seat:

8.00 €

1 Pair of Jeans (Levis 501 Or Similar):

74.89 €

1 Summer Dress in a Chain Store (Zara, H&M):

35.85 €

1 Pair of Nike Shoes:

68.40 €

Rent per month/Purchasing property in Cyprus:

Average cost:

Rent apartment (1 bedroom) in City Centre:

391.00 €

Rent Apartment (1 bedroom) Outside of Centre:

326.07 €

Price per Square Meter to Buy Apartment in City Centre:

1,700.00 €

Price per Square Meter to Buy Apartment Outside of Centre:

1,450.00 €

Salaries and Financing:

Average cost:

Average Monthly Disposable Salary (After Tax):

1,198.61 €

Taxation in Cyprus:

Average percentage:

Corporate Tax:

12.5%

Income Tax: (income of €60,000 or higher)

35%

Payroll Tax:

6.8%

VAT:

19%

Cyprus enjoys the lowest corporate tax rate in Europe at 12.5%. Unless you earn over €19,500 you do not get charged income tax, and pay only 20% if you earn between €19,501 - €28,000. VAT may be high however many goods and services fall under the reduced VAT rate such as water and juice, cinema/theatre tickets, newspapers books and beauty services. Also many products have a 0% tax rate.

Although some figures look rather expensive when you compare this to the average monthly salary in Cyprus, a huge conciliation is the cost of rent/purchasing price. This is something to consider as an employer if you are thinking of taking staff on board in your company in the near future or even considering staying some-what long-term on the island.